The Central Bank of Nigeria will introduce a N5,000 banknote into the country’s monetary system as early as the first quarter of next year.

Also the CBN disclosed that it will transform the N5, N10 and N20 banknotes into coins, bringing the total number of coins to six – 50 kobo, N1 and N2 coins in addition to the new introductions.

The Governor of CBN, Lamido Sanusi said the new banknotes were to be introduced as a result of inflationary pressures on the Naira.

The design of the N5,000 note will feature the faces of three Nigerian female freedom fighters, Mrs. Margaret Ekpo, Mrs. Funmilayo Ransome-Kuti and Hajiya Gambo Sawaba.

Sanusi said “efforts are being put in place to ensure that the redesigned N50 and the new N5000 banknotes are launched early in 2013.”

“There will  be no urgent need for exchange of the old for the new bank notes by the general public for as long as the old banknotes are in circulation, they will remain legal tender,” he added.

The CBN governor also said the CBN would liaise with Deposit Money Banks and small scale businesses to ensure that the coins are patronied by Nigerians.

He said, “To encourage the usage of coins, the CBN will liaise with relevant MDAs, DMBs, road transport workers, market operators, small businesses, supermarkets, vendors, etc. to create avenues for the usage of the coins. The CBN will ensure that coin collection is convenient and the introduction of the new currency series will be a gradual process as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation.”

How will this Help the Nigerians?

This is good news for pastors and bad news for people that contribute 20 naira and below in church o, this coins would be easily detected ..

That 5k note no fine jor, can't they use photoshop to shop the dark glass that woman @ the left side put on to white or even remove it, its jst adding insult to the injury of the silly note..

Well thus is really funny following what you just said about the church offerings. But at least 20 naira coin will buy something and at least we can start having coins in the market again

So we should be xpecting Fela on the 10k note, since hin mama don make am enter 5k note... This Prince of Kano deserves to be shoot before he anounce the release of 10k note in 2014, cos the way this mata dey go we would be competing with the zimbabwean currency very soon..

Yes that is right... But I am sure the introduction of this 5000 naira note is unnecessary

M

I sincerely do not think this is not necessary and its hard to understand what CBN is up to, this same body is talking about cashless policy and at the same time thinking of bringing in more note in circulation, as it is are they not contradicting themselves? I wonder, I just wonder.

LOL... I don't feel its necessity too.